Discussion:Sale of a deeded home
From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.
From TaxAlmanac
(Difference between revisions)
Revision as of 01:58, 4 April 2008
Discussion Forum Index --> Advanced Tax Questions --> Sale of a deeded home
Discussion Forum Index --> Tax Questions --> Sale of a deeded home
DR BRISKET (talk|edits) said: | 4 April 2008 |
| Back in 2002, my client's parents deeded their home to my client and her brother. The parents continued to live in the home. Last year, it sold for $80,000. The basis in the home is only about $35,000. Is this a capital gain transaction?--$45,000 split two ways, or since the parents continued living in the home, can the two out of five year rule apply? | |
